Muhtar Kent speaks at the 2013 Women in the World summit alongside Dr. Ngozi Okonjo-Iweala (left), Nigeria's finance minister, and Melanne Verveer, former U.S. ambassador for global women's issues.

(Photo Credit: )

“Each
time you create a woman entrepreneur, the community gets stronger... and as a
result of stronger communities, you have a stronger business,” Coca-Cola
Chairman and CEO Muhtar Kent said last week during the 2013 Women in the World summit at New York's Lincoln Center.

Speaking
on a panel about the integral role women play in uplifting economies, Kent outlined the clear business case for
empowering women both within and outside the walls of the Coca-Cola system. Working
with and investing in women is one of the most powerful ways to spur
sustainable economic growth and development, he said.

The seeds
of Coke’s 5by20 initiative to empower 5 million new women entrepreneurs
globally by 2020 were planted in 2007 when Kent spotted a glaring mismatch.
Women accounted for seven in 10 purchases of Coca-Cola products globally, yet
held a much smaller percentage of leadership positions within the company.

Coke
launched its Global Women’s Initiative, a strategic plan to accelerate the
development of female associates and leaders. More than 30 percent of senior
roles are now held by women, up from 23 percent in 2008.

“We’re
gaining traction because we called it out and it makes really good business
sense,” Kent said during the discussion, which was moderated by
Melanne Verveer, former U.S. ambassador for global women's issues, and also featured
Dr. Ngozi Okonjo-Iweala, Nigeria’s finance
minister, and Güler Sabanci, chairperson and managing director of Sabancı
Holding.

Recognizing
a need to make a difference in the marketplace, Coke introduced 5by20 in 2010. To
date, the effort has reached 300,000 women entrepreneurs in a dozen countries.

“We’re
very encouraged by our results so far… and we believe we will get to 5 million
by 2020,” Kent said. He cited 5by20 programs in India and Brazil, and a
recently announced three-year joint initiative with International Finance
Corporation (IFC) to lend $100 million to women-owned or operated businesses in
Eurasia and Africa.

Closing the Gender Gap

Dr. Ngozi,
former managing director of the World Bank, noted that while investing in women
is smart economics, moving “upstream” is even smarter. “If you get girls and young
women early and educate and empower them, you change a nation,” she said,
citing a World Bank study that identified women as the third emerging economy
globally, behind China and India.

Sabanci,
meanwhile, highlighted a public-private partnership to bring more women into Turkey’s
workforce. Women currently make up more than 30 percent of the nation’s
full-time workers; companies such as hers are partnering with the Turkish
government to move the needle.

“The smaller
the gender gap, the more competitive, prosperous and productive the companies
are,” she said. “I strongly believe it is our century, and that the
competitiveness and comparative advantage of each company will rely on how much
they engage women.”

Kent,
too, advocated for close collaboration among the “Golden Triangle” of business,
government and civil society, reiterating the need for companies to focus on
initiatives that link to their core business.

“It can’t just be a project… it just can’t be charity,” he concluded.
“It has to deliver a business-related benefit."

The Coca-Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands and more than 3,800 beverage choices. Led by Coca-Cola, one of the world's most valuable and recognizable brands, our company’s portfolio features 20 billion-dollar brands, 18 of which are available in reduced-, low- or no-calorie options. Our billion-dollar brands include Diet Coke, Coca-Cola Zero, Fanta, Sprite, Dasani, vitaminwater, Powerade, Minute Maid, Simply, Del Valle, Georgia and Gold Peak. Through the world's largest beverage distribution system, we are the No. 1 provider of both sparkling and still beverages. More than 1.9 billion servings of our beverages are enjoyed by consumers in more than 200 countries each day. With an enduring commitment to building sustainable communities, our company is focused on initiatives that reduce our environmental footprint, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system associates.